The relationship between international trade relations and regional development: a comprehensive analysis and assessment of influencing factors

Abstract

The evolution of the phenomenon of regionalization in old and new regionalism, regional trade agreements and their features (RTAs) is traced based on the provisions of regional science and trade relations, and it is shown that the emergence of numerous RTAs is one of the most significant trends in the modern development of international trade. Theoretical aspects of the influence of regional trade on regional development are considered, in particular within the growth of GDP. On the example of various regions (in particular, Asia-Pacific region, North American continent, South Africa), it is demonstrated that RTAs, as well as free trade areas (FTA) stimulate economic growth in participating countries through increased trade, economies of scale, knowledge and technology transfer. Moreover, it is concluded that the growing trend of regionalization contributes, on the one hand, to strengthening the processes of globalization, on the other hand, to the isolation of integration groupings from the world market and increasing their independence from external demand, allowing participating countries to resist emerging crises and economic shocks.